PMorgan Chase kicked off its second-quarter earnings season with bad news:
The bank temporarily halted share buybacks and cut analyst expectations for earnings and revenue growth.
Profit fell 28% to $8.65 billion from a year earlier, and the bank earned $2.76 per share, compared with the $2.88 expected by analysts
Adjusted revenue came in at $31.6 billion, missing estimates of $31.95 billion, according to Definitive data.
The bank reported that huge market swings hampered deal-making during the quarter.
Investment-banking fees fell 54%, more than the 47% analysts had expected.
Shares of JPMorgan stock fell 3% in premarket trading Thursday and are down 29% this year.
JPMorgan (JPM) is the largest US bank by assets and its earnings reports are used by investors
and analysts as a bellwether for markets and the economy for how Wall Street has performed over the past three months.